RSS: Press Releases
Exciting, mysterious, glamorous – these words have described Hong Kong for at least a century. With its vibrant atmosphere and night and day activities, Hong Kong is an intoxicating place.
IFAs there report a lifestyle that is at once relaxing, thrilling and thoroughly pleasurable.
There is no doubt that Hong Kong is crowded – it has one of the world’s greatest population densities. But it is also efficient, with one of the best and affordable transportation systems anywhere and, for such a crowded place, quiet – you don’t hear voices raised in anger, motorists sitting on their horns, or loud boom boxes.
Shopping never ends – there’s always another inviting spot just down the street. You will find Hong Kong is easy to get around, English is widely spoken, and food surpasses its reputation.
Four Main Areas
Hong Kong is divided into four main areas:
- Kowloon
- Hong Kong Island
- New Territories
- Outlying Islands
Kowloon and the New Territories are on a peninsula of the Chinese mainland, on the northern side of Victoria Harbour. Hong Kong Island is on the southern side of the harbour, facing Kowloon.
Economic Prosperity & A New Era
On July 1, 1997 the British Crown Colony of Hong Kong reverted to Chinese sovereignty as a Special Administrative Region of the People’s Republic of China. However, for years prior to that, the Hong Kong economy and that of China have been integrally connected, which is a strong contributing factor in the former’s continued prosperity.
As of last year, Hong Kong’s highly international stock market was the eighth largest in the world and the second largest in Asia (after Japan). In terms of turnover, the Hong Kong market is Asia’s third largest foreign exchange market (after Japan and Singapore).
Doing Business in Hong Kong
Multinational companies rank Hong Kong as a popular location for their Asia Pacific regional headquarters. A recent government survey indicates that close to 3,800 international corporations maintain regional headquarters and/or local operations there – an increase of about 22% from just three years earlier.
Among the most common reasons cited for the country’s popularity as a business hub is that Hong Kong:
- Offers a central Asian location
- Is considered by many to be the world's freest and most service-oriented economy
- Boasts the world’s second highest per capita holding of foreign exchange reserves and the world's seventh largest foreign exchange reserves holding
- Is Asia’s second largest source of foreign direct investment
- Possesses an independent legal system and renowned free press
- Has very low levels of taxation
The nation’s main strengths lie in its high-tech and banking sectors.
Hong Kong serves as one of Asia Pacific’s central banking and financial centres. At the end of last year, the country housed more than 200 authorised banks, responsible for the provision of international trade loans totalling more than US$ 18 billion.
Beijing’s declared policy of maintaining Hong Kong’s prosperity and stability makes sense. Hong Kong has long been China’s most valuable window on the West, and the city is unrivalled in its commercial know-how and managerial expertise.
Languages
The official languages of Hong Kong are English and Chinese. While Chinese can be called the world’s most widely spoken language, it actually has innumerable dialects – people from Beijing cannot understand a word that people from Hong Kong say… in fact they can’t even understand what people from Shanghai say.
Climate
In terms of weather, the best time in Hong Kong is probably in October and November, when the temperature and humidity drop and days are clear and sunny. From December until late February, the air is moderately cool with the humidity still low (around 73 percent). In spring, the humidity and temperature start rising. March and April can be very pleasant, but from May to mid-September it’s extremely hot and often wet, with most of the annual rainfall recorded during these months.
Health
There are no special health precautions to take in Hong Kong. No vaccinations are needed. Food is safe and you can safely drink the water, though most people prefer bottled water. Simply avoid eating locally caught shellfish and oysters and never eat them raw.
Currency
Hong Kong’s currency is freely convertible. ATMs are found all over Hong Kong and banks do not usually charge a fee for the service. Credit cards are accepted everywhere.
People and Customs
Hong Kong has a population of nearly seven million and a total area of just over 1,100 square kilometres (425 square miles). Of Hong Kong’s population, 95 percent are of Chinese descent. The majority are Cantonese, born in Hong Kong, or from South China. The Chinese people have been described as hard working and pragmatic, attitudes that have contributed immensely to Hong Kong’s success.
Expats in Hong Kong
By most estimates, the expat community in Hong Kong is huge, with close to 600,000 expats there. Almost all reports from expats living there are entirely positive, with them reporting a quality of life difficult to match in many other expat locales.
There are many sports clubs, an active social scene for singles, many expat groups that focus on family leisure interests and loads of activities for children. Huge country parks, with long hiking paths, provide a wonderful escape from the hustle and bustle of city life.
As for food, one expat described it as “an activity in and of itself”, with a very broad range of restaurants, clubs, bars, etc., to delight every palate – from the least discriminating to the most.
Among the expat contingent is a large group of educated professionals, earning very high incomes, and who are ideal potential clients for the Financial Services industry.
It is anyone’s guess what may happen in the future, but for now Hong Kong bristles with energy and ambition and for the IFA there, this beautiful city - with its contrasts and variety - is an exhilarating experience.
Go for it!
For further information about Hong Kong we recommend that you visit http://en.wikipedia.org/wiki/Hong_kong where you will find many useful links and informative articles to prepare you for your move.